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Thoughts on Economics Vol. 20, No. 02

Islam DisapprovesMarket Fundamentalism

Sarwar Md. Saifullah Khaled1

Abstract: The article explains the Islamic way of operation of the market and trade and commerce as against the neoclassical approach to these aspects of the functioning of an economy. Islam discourages the concept of laissez-faire capitalism, the root cause of market fundamentalism and inequity, and advocates, unlike the neoclassicists, state intervention in the affairs of an economy for mutual benefits of the participants in the market. Islam emphasizes on the moral and ethical basis of the operation of an economy rather than on the welfare of the dominant class at the cost of the weak ones.

Al Qur’ân reveals, “Allāh permitteth trading and fobiddeth usury.” 2/275

I. IntroductionThe neoclassical advocates of market fundamentalism for economic growth have been challenged by the analysts of the recent economic crisis that started in the USA and afterward spread over the globe (Canova, 2009). Though it is expected that the crisis will be over by the end of 2010, it is not by clinging to market fundamentalism rather by steps in the form of intervention of the state as has already been taken in the US by the “bailing out” programme of the US Government. This means that the market system has failed to pull up the economy on its own from where it led the economy to. This, along with other adverse economic consequences, is the curse of the free market system that the neoclassical economists prefer to advocate. “The current orthodoxy in Washington and on Wall Street resembles a Bastard Keynesian approach to financial regulation: it focuses on monetary and fiscal stimulus while missing the significance of other aspects of Keynesian analysis, most particularly its emphasis on an economics of control” (Canova, 2009, P. 389). Apart from going into the materialistic Keynesian analysis we will search into Al Shariah the solution to the mundane economic problems that are faced by humankind in the marketplace, for salvation of humankind here and the Hereafter.

1 The author is a former Staff Economist (1968-1970) at the Pakistan Institute of Development Economics, Karachi, Pakistan and a former Professor of Economics and Vice-Principal, Comilla Women’s College, Comilla, Bangladesh.

Thoughts on Economics 8

We shall have to realize that we are now facing the historical moment when the global economic history is at the end of the road, searching for new ways to go ahead. In all ways this is a time of transition of cons. The world economy cannot move through the same way that it traveled all these days. We see all over the world the sight that even strong conventionalists are competing to wash their hands of market fundamentalism and new liberalization policies. Even the tongue of the World Bank and International Monetary Fund has changed. We have even seen that those who renounced administration not long ago are now begging for interference of the same. It is noteworthy that those who rendered all help to casino capitalism themselves are criticizing the same. It is now widely accepted that the world cannot go ahead much without refurbishing the national and international economic arrangements, especially the global monetary system. The global economic crisis fuels the thoughts and expectations about the non-capitalist societies (Achuthananthan, 2008, P. 4). We shall try to find out the morally and ethically nourishing ideas for that in Al Shariah, id est. Islam. Al Qur’ân reveals, “O ye who believe! If ye are believers in Allāh and the Last Day then obey Allāh, and obey the messenger and those of you who are in authority; and if ye have a dispute concerning a matter, refer it to Allāh (His Scripture) and the messenger (Hadiths). That is better and more seemly in the end.”4/59

The above mentioned verse clearly indicates that the state has a say on the basis of Al Shariah in human worldly affairs and dealings.

The article is arranged as follows: Section II Market and Market Fundamentalism, covering discussions on the (i) Concept of Capitalistic Market, (ii) the Concept of Market Fundamentalism, (iii) Morals and Market Fundamentalism, (iv) Between Marxism and Free Market Economics, (v) Islamic concept of the Market, and (vi) Objective of the Market System in Islam. Section III Islamic Principles of Business covers discussions on (i) Buying and Selling, (ii) Allāh permitted Trading, (iii) Importance of Business, (iv) Consequence of Greed: The fate of a wrong doer and a lesson therefrom, (v) Way to rescue, (vi) Consequence of Capitalistic Market Globalization, and (vii) Allāh provides Provisions for all and Section IV Concludes.

II. Market and Market Fundamentalism01. The concept of Capitalistic Market

A market in economics refers to a commodity, however abundant or scarce, whose buyers and sellers come in sufficiently close contact with each other to ensure that the price of the commodity concerned tends to be the same for all, allowance being made for transportation costs, tariff barriers and other

9 Islam Disapproves ………………..

necessary elements. If the forces of supply and demand become so balanced that all the commodities are sold then the market is cleared. An economy in which the crucial economic decisions and choices are made in a decentralized manner by numerous private individuals and firms, operating through a free price and market mechanism, is referred to as a market economy. Equilibrium prices and quantities of commodities are determined in the market economy through the interaction of the laws of supply and demand.

A capitalistic private market system sometimes suffers from the inability to offer certain commodities either at all or at the most desirable or optimal level resulting in the failure of the system. This is because of the ability of a single, or a group of buyer(s) or seller(s) in the form of market power to influence price of the product or service in which it is trading. It is claimed that a perfectly competitive market in equilibrium will ensure the complete absence of market power – which is a Utopia. The possibility of market failure is hidden in the capitalistic market structure, which refers to the economically significant features of a market that affect the behaviour of firms in the industry supplying the market. The main elements of market structure are: (i) concentration and concentration ratio, (ii) product differentiation, (iii) barriers to the entry of new firms, (iv) growth rate of market demand, (v) ratio of fixed to variable costs in the short run, (vi) usual rise of market imperfections in the form of monopoly, oligopoly, cartel, syndicate etc emanating from market powers based on market shares, i.e. the proportion of total market sales accounted for by one single firm or a group of firms in the determination of commodity price. In such cases market forces referring to the pressures, which are produced by the free play of market supply and demand as an induced adjustment in prices and quantities traded, become ineffective – usually this is the go of the capitalistic market economy. If, even after such behaviour of the sellers, the advocates of capitalism cling to uncontrolled market economy they may be termed as market fundamentalist and the process is market fundamentalism. This results in the failure of the desired performance of the market in the form of (i) the efficient employment of scarce resources or agents and factors of production to yield the greatest possible real income, (ii) the full employment of the agents and factors of production, (iii) growth and progressiveness in enlarging and improving the flow of goods and services, (iv) equity in the distribution of income, and (v) ensuring social justice.

This happens in a capitalistic economic system because it is based on profiteering – the goal of the producers and sellers here is solely profit accumulation and their activities are purely guided by profit motive and profit maximization. Islam negates such a fundamentalist market system.


02. Some elaborations on Market Fundamentalism

‘Market Fundamentalism’ as a term is widely used by J. Stiglitz in his work on the negative aspects of globalization, although no specific definition thereof is given1. However, it is clear from the text of the cited work that what is meant is a concept that overestimates the possibility of market relations and competition as such and underestimates the regulating role of the state, including that of creating a well-balanced system of institutions that would help the economy to function for the benefit of sustainable development and in the interest of all population of the society.

With this in mind, we treat ‘market fundamentalism’ approximately as the following point of view on the necessity of numerous institutions of modern market economy and the role of the state: for a normal development and functioning of modern market economy it is sufficient to ensure the existence of private property rights and protection thereof, as well as competition. The main task for the state is exactly to protect private property rights and competition. The social task of the state is also to ‘pick up the fallen and the deceased’ in competitive activities, i.e. to provide only a minimum level of social support.

The fact that modern market economy is itself a complex system of institutions coordinating and supporting products, with the role of utmost importance among these institutions being that of the state that develops and implements a concept of development, monitors international and internal sectoral market and creates an environment for sustainable development, is not taken into account by the supporters of Market Fundamentalism. The Market Fundamentalism supporters also pay little attention to the idea that the state should promote a regular functioning of the markets by means of disseminating market information, implementing a sensible customs policy, regulating financial system, including banking system etc.2 With regard to the transition process, Market Fundamentalists insisted on single-stage, ‘shock’ way of price liberalization, on fastest privatization possible and ignoring the ‘social costs’ of reforms. In fact, for the market fundamentalists the objectives and the means were mixed up, as the objective for them was a maximum expansion of the market sphere, and not at all finding a solution to certain socio-economic issues (Epstein, 2007, Pp.2-3).

03. Morals and Market Fundamentalism


Market Fundamentalism is a quasi-religious faith that unregulated markets will somehow always produce the best possible results.

Market Fundamentalism’s central flaw lies in its claim that encouraging acquisitiveness automatically produces good results. This claim conflicts with what actually happens in market situations and with the tenets of all of the world’s great religions that warn of the dangers to society and individual soul that come from selfishness and naturalism. Market Fundamentalism ultimately rests on a fairy tale in which each person’s pursuit of his or her self-interest automatically serves the common good.

The reality is that market exchange can serve common good, but only when individuals obey moral injunctions and legal rules. When people cheat their customers, sabotage their competitors, avoid paying taxes, and ignore environmental rules, there is no Invisible Hand that blesses these transactions. Market Fundamentalism hides the fundamental reality that actual markets work because of a structure of legal and moral constraints that people have constructed over the decades to avert the disasters produced by excessive greed. Market Fundamentalism is so dangerous because it strips away all mechanisms and moral understandings that protect us from runaway and unregulated markets (Block. 2004, P. 2).

Market economy has its own internal urging-forward movement, an urging-forward movement for cunningly utilizing all the available opportunities for the success of marketing commodities. With it is connected the ever changing realities of the economy. With the enormous expansion of the productive forces, with the opportunities of technological advantages of fewer numbers of labourers producing huge amount of commodities, a superfluity of produced commodities is created in the society. Even in a society which is backward, economically weak, elements of superfluity are taking place in such economies. Today the circulation of one-time-use commodities is far more than commodities which are repeatedly used or used for longer time. Pen has become cheap, ball pen, which is within the reach of vast majority of the people are thrown away after use; similarly tissue papers, an alternative to handkerchief for wiping hand or face, are used to the advantage of the producers that these are not used for the second time, etcetera; as a result their demand will never stop. With the expansion of the economy the users of commodity are increasing in the society, and an increase in the number of consumers is purveying strength to the economy. This cycle brings about growth, with that it is pushing the society to such a consumption oriented mentality that is about to overcast human existence. Human existence in the globe is being endangered by the pleasure of commodity enjoyment, and the


global environment is at a risk because of the continuous process of production to meet the ever increasing consumption demands (Haq, 2010, P. 01.)

Many people believe that when rapid economic growth and other good things happen in the global marketplace, it is because of the effective functioning of the free market. When bad things happen, such as steadily widening gaps between rich and poor, it is because of market failures, aberrations, and the foolishness of those who interfere with the workings of the market.

The international trading system is not managed directly by a supranational government, but it is greatly influenced by nations with enormous economic power, such as the United States, Japan, and Germany, sometimes directly, and sometimes through international agencies. Their influence makes the global trading system an unfree market. In these circumstances, great disparities will remain, and the global market will continue to be sharply tilted in favour of the powerful, unhealed by adjustments such as reducing tariffs and other barriers to trade.

To describe the global marketplace we need to look not to the imaginings of neoclassical economics but to the realities of the world political economy, as lived. It is a political economy, heavily influenced by power. The single most important feature of the global economy is the large and steadily increasing gap between rich and poor. Gaps widen steadily because the players have very different levels of power. When they trade, the more powerful have greater influence in determining the terms of trade.

It is reasonable to assume that in every transaction both trading parties benefit. We know that because each party could have turned down the deal. But the important thing from the point of view of political economy is that the benefits are not distributed equally. The stronger party gets a larger share of the benefits. This means that in the real world trading leads inexorably to a steadily widening gap between the strong and the weak. It does not lead to a happy convergence anywhere in the middle range.

Although the rich and the poor benefit, the fact is that the rich benefit more rapidly. Now add to this the effects of inflation, which is almost always higher in poor countries than in rich countries. Even though both parties may appear to benefit in the short term, with inflation doing its work, often the poor do in fact get poorer while the rich get richer.

The market does not benefit everyone equally; it is strongly biased in favour of the rich (Kent, 2000, P.36). We will endeavour to search whether Islam


provides a remedy to this and other possible immoral practical diseases of market fundamentalism.

04. Between Marxism and Free Market Economics

Although there is no comparison between Marx and Pope Benedict3, both are critical of capitalistic endeavours and we can find some similarities in their utterances. After all, the Marxian economics is practically dead even in the so-called communist countries where Adam Smith has taken over. Adam Smith, the “founder of free market economics”, would mould economic logic on self-interest. He wrote in the Wealth of Nations: “But man has almost constant occasion for help of his brethren, and it is in vain for him to expect it from their benevolence only. He will be more likely to prevail if he can interest their self-love in his favour, and show them that it is for their own advantage to do for him what he requires of them. Whoever offers to another a bargain of any kind, proposes to do this. Give me that which I want, and you shall have this which you want, is the meaning of every offer, and it is in this manner that we obtain from one another the far greater part of those good offices which we stand in need of. It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their self-love, and never talk to them of our own necessities but of their advantages.”

On the contrary, Marx in Das Capital would say “Use-value must therefore never be looked upon as the real aim of the capitalist, neither must the profit on any single transaction. The restless never-ending process of profit-making alone is what he aims at. The boundless greed after riches, the passionate chase after exchange-value, is common to the capitalist and the miser; but while the miser is merely a capitalist gone mad, the capitalist is a rational miser” (Capital. Moscow, 1984, Vol. 1, P. 151).

In this deadlock Pope has a clear position: “Once profit becomes the exclusive goal, if it is produced by improper means and without the common good as its ultimate end, it risks destroying wealth and creating poverty”(no.21). The Pope, as in Islam too, does not deny private property and private interest. Marx spoke of “positive transcendence of private property”. Whatever it may mean, the Pope clearly is responding “to the needs and dignity of the worker, as well as the needs of society, that there exist various types of business enterprise, over and above the simple distinction between ‘private’ and ‘public’ (no.41). The Pope does share the criticism of Marx that “the worker becomes an ever cheaper commodity the more commodities he creates.” Pope reiterated “Obviously, these labourers cannot be considered as a commodity or a mere workforce” (no.62). Al Qur’ân also reveals as regards human being that: “He it is who hath made you regents in the earth”35/39. The danger Marx


and Engels saw in Manifesto of the Communist Party is real: “It (the bourgeois) compels all nations, on pain of extinction, to adopt the bourgeois mode of production; it compels them to introduce what it calls civilization into their midst, i.e. to become bourgeois themselves. In one word, it creates a world after its own image” (Marx, Engels, Selected Works, Moscow, 1962, Vol.1, P.38). The Pope wrote similarly: “In the context of cultural, commercial or political relations, it also sometimes happens that economically developed or emerging countries export this reductive vision of the person and his destiny to poor countries. This is the damage that ‘superdevelopment’ causes to authentic development when it is accompanied by ‘moral’ underdevelopment” (no.29). “In many ways, the document is puzzling; it does not comfortably fit into traditional political categories of right and left” (Thelakat, undated without page number, section no.2). Islam provides an answer to this puzzle since Allāh reveals in Al Qur’ân “Thus I have appointed you a middle nation,”2/143 and avoiding the extremes Islam shows the middle course.

05. Islamic concept of the Market

In an Islamic economy, other things remaining the same, market price is determined by the interaction of the market regulatory forces. Hazrat Mohammad (s) has prohibited the regulatory intervention of the self-seekers in the process of price determination. From this point of view he has prohibited hoarding, speculation, controlling the market by a group or class of people, hiding important information connected with the defects or so of commodities, and selling commodities under fictitious terms (including the confusing advertisement of the present time) etcetera. Thus he has inactivated the economic influence on the price management. Simultaneously, he has uprooted the possibility of exploitation of the inexperienced persons by the experienced and informed ones. In the contemporary society these directives may be accepted as the self-willing basis of conduct by the business community. Side by side there are some moral value judgments active with these directives. The business community has been directed to be honest and truthful, and to be liberal in mutual transaction. Shunning the attitude of doing harm to one another, they are to establish a society based on mutual help and cooperation.

Along with the establishment of a totally free market system Hazrat Mohammad (s) has given a dependable and balanced framework for performing business activities. Following are the directives that are to be followed in an Islamic market system:- (i) An elderly person from the Tamim tribe describes that Ali Ibn Abu Talib (r) delivered in a public speech


addressing us that ‘human race will soon arrive at an age when they will scramble each other. The wealthy people will cling to their wealth, even though they have not been given such directives. Allāh says, “And forget not kindness among yourselves.”2/237 People will be compelled to sell (their wealth) falling in fatal inconvenience. Moreover, Prophet (s) has forbidden buying and selling of helpless person, and deceitful buying and selling, and buying and selling of fruits before it has developed’ (Hadith: Abu Daud, Kitabul Buyu, Bab 25, no.3382). (ii) Abu Katada Al-Ansari (r) describes that he has heard Hazrat Mohammad (s) as saying, ‘Be careful! refrain from swearing much in buying and selling; although it is true that it may be helpful for selling commodities but it destroys gain afterward’ (Hadith: Muslim, Buyu, Bab 48, no.4126/132). (iii) Kayes Ibn Abu Garaza (r) says ‘we used to buy and sell in the markets of Medina naming ourselves As-Samasir (Broker). People also used to entitle us by that name. Once Hazrat Mohammad (s) came to us and named us by such a name which was better than the one which we ourselves ascribed on us. He said O Tuzzar (traders) community! The presence of false swearing and undue conversations are being observed during your buying and selling; therefore you purify that by making gift and charity’ (Hadith: Nasai, Kitabul Buyu, Bab 7, no.4468). (iv) Abu Hurayra (r) describes, Hazrat Mohammad (s) said, ‘In the day of Resurrection Allāh will neither talk to nor look at nor purify three kinds of people, rather there remains severe punishment for them. They are: (a) one who does not give water to the wayfarers even though there is spare water in his field. (b) The businessman who sells his commodities to the buyers after afternoon prayer (Aasar) swearing in the name of Allāh, and says “I have purchased this commodity at this price” and the buyer believes him but the actual fact is reverse. (c) A person who swears allegiance to the Leader (Imam) in exchange of mundane interest. If the Leader provides him with some mundane opportunities then he fulfils the oath of allegiance, and if the Leader does not provide him therefrom then he does not fulfill his oath’ (Hadith: Muslim, Iman, Bab 46, no.297/173). (v) Abu Hurayra (r) describes that Hazrat Mohammad (s) says, ‘it is not permissible to meet the caravan with loaded commodities in advance on the road (with the intention to buy the commodities at the cheapest possible price at the earliest). It is not permissible to bargain for a commodity while others are bargaining for buying and selling that one. Do not engage any of you in the act of a go-between. It is not permissible to pressurize the rural people to sell up their commodities. It is not permissible to accumulate milk in the udder of Camels and Goats (to deceive the buyers). If any one buys such animal, he reserves the right (to undo the contract of buying). If he selects the animal after milking, the contract of buying will be restored, and if he does not select that, he will return it with a Sha of date’ (Hadith: Muslim, Buyu, Bab 5, no.


3815/11). (vi) Ibn Shirin (r) describes that ‘I have heard Abu Hurayra (r) as saying that Hazrat Mohammad (s) said, ‘It is to be noted by both sellers and buyers that the buyer has bought the commodity on the basis of verbal conversations without seeing the commodity, in this case the buyer can reject the buying contract after seeing the commodity irrespective of any defects in the commodity on the plea that he has not seen the commodity before buying. In the terminology of Islamic trade and commerce it is Kheyare Ruiyat (scope for observation). In this case if the seller misbehaves he will be a sinner’ (Hadith: Muslim, Buyu, no. 3812/8). (vii) Ibn Umar (r) describes that a person has bought a date garden from another but in that year the garden went uncropped. Both the buyer and the seller approached Hazrat Mohammad (s) with their dispute. ‘He asked the seller: in exchange of what you have made his wealth (paid up price) Halal? You (seller) return him his wealth (price). Afterward the Prophet said, you will not buy and sell in advance the fruits of your date garden until the dates are developed’ (Hadith: Abu Daud, Kitabul Buyu, Izara, Bab 56, no. 3467). (viii) Jaber Ibn Abdullah (r) describes that Hazrat Mohammad (s) says, ‘A person cannot sell his house or garden in which someone else has share until he has obtained permission from the sharer. If he likes he will keep otherwise he will quit’ (Hadith: Muslim, Buyu, Bab 49, no. 4127/133). (ix) Ayesha (r) describes that ‘when the latter verses of Sura Al Bakara relating to interest (usury) were being revealed Hazrat Mohammad (s) left for the Mosque and declared trading in wine Haram’ (Hadith: Muslim, Buyu, Bab 49, no. 4047/70. (x) Jaber Ibn Abdullah (r) describes, in the year of the conquest of Mecca, he heard Hazrat Mohammad (s) as saying there that, ‘Allāh and His Prophet rendered trading in wine, dead animal, swine, and idol Haram’. The Prophet was asked, ‘O Prophet of Allāh ! What is your opinion about the fat of dead animal? Because boats are rubbed, hides are oiled, and lamps are kindled with that by the people’. He said ‘no, that is Haram’ (Hadith: Muslim). (xi) Ibn Umar (r) describes that Hazrat Mohammads says, ‘refrain from buying and selling of fruits before they become usable and until you are free from the fear of natural calamities which may ruin them. He said ‘usable’ means assuming red or yellow colour’. (Hadith: Muslim, Buyu, Bab 49, no.3865/51). What is applicable to dates is applicable to paddy, wheat, maize, barley and the like Vide. (Hadith: Muslim, Buyu, Bab 49, no. 3864/50). (xii) Abul Bakhtari (r) describes that ‘I asked Ibn Abbas (r) as regards buying and selling of dates, he answered, Hazrat Mohammad (s) prohibited buying and selling of dates before they become usable and without weighing them’. (Hadith: Muslim, Buyu, Bab 49, no.3873/55). (xiii) Sahl Ibn Abu Hasma (r) describes that ‘Hazrat Mohammad (s) has prohibited selling of fresh dates in exchange of dry dates and said: this is an exchange based on usury and it is Muzabana’ (Hadith: Muslim). (xiv)


Anas (r) describes, ‘Some one requested the Prophet (s) to determine prices. In reply he said, “Allāh determines prices. He (Allāh) raises and decreases prices, and provides (everyone) with the provisions for livelihood. I seek the shelter of Allāh so that nobodies’ right becomes dwarfish by me” (Hadith: Tirmizi, Abuyabul, Buyu, Bab 71 Hadith no.1252). In another place Hazrat Mohammad (s) said, ‘no one hoards except the sinners’ (Hadith: Muslim) (Abdullah, 2010, Ittefaq, Dharma Chinta, P. 07) If we go deep into the meanings of the Hadiths described above and discuss them in a wider perspective we will find that Hazrat Mohammad (s) has imposed some sort of rules and restrictions in the operations of the market system apart from free and natural functioning of the market, for the welfare of the society based on morality. These moral regulatory measures are operative in the local, regional and international spheres of the market system. As regards the Hadith no. xiv – ‘What is the significance of “price is determined by Allāh”?’ Shah Oliullah says that, “I want to say that, it is difficult to establish such a justice so that ‘nobody suffers a loss or both suffer equally’. It is because of this reason that the Prophet (s) took precaution in respect of giving any direction regarding the determination of prices; so that the Ruler does not reject the policy that, ‘let prices be determined according to the general rule.’ Even after this, if it is observed that the society is being very distinctly and uncontrollably oppressed by the business community; in that case there is no restrictions in fixing prices because the ruin of a country is laid in oppression” (Hamid, 2002, P.70-71). Prices may be kept under control by reorganizing the consumption pattern of the different sections of the community and at the time of capital formation for creating job opportunities for the labourers. The moneyed class may have to be forced to curb their imported durable consumer goods such as costly cars, luxury goods and the like for domestic and official use and the extravagance, judged at the living standard of the majority of the people, so that the money saved may be used for capital formation for the production of additional consumer goods for the working people so that consumer price for necessary commodities remains at the reach of the common people. The moneyed class, politicians and the bureaucrats of most of the developing countries are lavish and irresponsible in their durable consumption expenditures of imported and domestic luxury goods, which tell upon the economic conditions of the common people and causes ‘immiserizing growth’ of the economy. Allāh says, “O mankind! Eat of that which is lawful and wholesome in the earth, and follow not the footsteps of the devil. Verily! he is an open enemy for you”2/168 “Verily! the squanderers were ever brothers of the devils, and the devil was ever an ingrate to his Benefactor.”17/27 Therefore, Shariah demands that such practices be controlled


so that they cannot adversely affect the prices of commodities and the economy in general. It should be borne in mind that “the body which is brought up by Haram goods will never enter Jannat (Heaven), and Jahannam (Hell) is its appropriate address” (Hadith: Miskat). 06. Objective of the Market System in IslamAn economic system based on the principle of welfare of mankind in earth is required because it is necessary to be benefited by the means of subsistence that Allāh has given – it is a natural tendency that prevails in each and every human being. But when a conflict arises between life and subsistence of living with the personal desire, then there is Allāh’s rule that encompasses the universe, which compels every man to lead an associated social life. Such an associated social life is unimaginable in the absence of mutual cooperation and sympathy based on moral justice and equity. Moral justice and equity in the way of life is the key to such an associated social life. If the following principles are active in the human life system, mutual cooperation based on justice and equity can be established in the society. The principles are (Rahman, 1998, P.13):

(i). Such a system has to take care of the livelihood of each and everyone. It requires to be ensured that none is deprived of his livelihood in his sphere of activity.

(ii). Those elements, which open up the opportunities for economic dominance of one upon another, open up the way of exploitation and oppression in a human society, and emerge as the causes of destruction of the economic system as a whole, are to be uprooted.

(iii). Wealth and the means of producing wealth are to be kept free from being grubbed by a particular person or a class, and those persons or class will have to be prevented from dominating the economic system. This will ensure welfare of the human society as a whole instead of the system becoming a means of fulfilling the desire of that particular class.

(iv). A balance has to be established between Labor and Capital, and to prevent one to unjustly interfere with the other’s affair within their prescribed limit.

III. Islamic Principles of Business01. Buying and Selling

In making commercial transactions one should aspire for the mercy of Allāh and be afraid of His punishment; in that case commerce and trade will be


beneficial to both the buyer and the seller and the commodity market will be a welfare one for all concerned based on morality, and business will be a welfare oriented one for both the consumers and the trading community. Let us note the following Hadiths and the Al Qur’ânic verses: Hazrat Mohammad (s) said, ‘Such a time will come for mankind when they will not consider it necessary to test whether the goods earned are permissible (Halal) or not (Haram)’ (Hadith: Bukhari), though Allāh says, “O ye who believe! Eat of the good (Halal) things wherewith I have provided you, and render thanks to Allāh if it is (indeed) He whom ye worship”2/172. ‘Almighty Allāh bestows mercy upon such persons who show courtesy, politeness and tolerance while buying and selling and realizing own possession’ (Hadith:Bukhari). Allāh says, “O ye who believe! Squander not your wealth among yourselves in vanity, except it be a trade by mutual consent, and kill not one another. Verily Allāh is ever Merciful unto you”4/29. “Help not one another unto sin and transgression, but keep your duty to Allāh. Verily! Allāh is severe in punishment”5/2.

Both western Capitalism and Socialism have got inherent demerits of their own.

In the beginning of the twenty first century it is clear that, as western civilization is a guarantee to secularism and expansion of supremacy of material progress and influence in the field of state constitution and administration, likewise Islam is a guarantee to both material and spiritual progress in the world and at the same time firm faith in the Hereafter. Human being should realize that for the selfish and narrow interest of material wealth and enjoyment, pleasure and delight in this world, why he should be deprived of the love and blessing of Almighty Allāh without keeping any contribution to the store of progress for hereafter? (Ahmed, 2007, P.27). Firm faith in the hereafter guarantees fear of Allāh so that human beings perform their mundane worldly activities with honesty and piety based on morality. Allāh says, “By the declining day, verily! man is at a loss, save those who believe and do good works, and exhort one another to truth and exhort one another to endurance.”103/1-3

The self-regulatory measures based on the fear of Allāh will keep the behaviours of the trading community participating in the market well balanced rather than the human made intimidating rules to bring harmony in the market, since human authority is deceivable while the authority of Allāh is so binding that He, the all Seeing and the all Knowing, cannot be deceived –human made rules and regulations may be framed to aid the authoritative regulations of Allāh the Almighty.


02. Allāh permitteth Trading and forbiddeth Usury

Allāh says, “O ye who believe! Squander not your wealth among yourselves in vanity, except it is a trade by mutual consent, and kill not one another.”4/29

“Those who swallow usury cannot rise up save as he ariseth whom the devil hath prostrated by (his) touch. That is because they say: Trade is just like usury. Whereas Allah permitteth trading and forbiddeth usury. He unto whom an admonition from his Benefactor cometh, and (he) refraineth (in obedience thereto), he shall keep (the profits of) that which is past, and his affair (henceforth) is with Allāh. As for him who returneth (to usury) – Such are rightful owners of the Fire. They will abide therein.”2/275 “O ye who believe! Spend of that wherewith I have provided you ere a day come when there will be no trafficking, nor friendship, nor intercession. The disbelievers, they are the wrong-doers.”2/254

03. Importance of Business

According to the scholars of Islamic Fiqh literature, among the economic activities in this World business is one of the most important means of livelihood and among the factors of civilization and culture it is the highest of all. Because of this, the major function of human being is to expand this branch of an economy and business is included as one of the most important responsibilities of the state.

As a result, emphasizing the importance of business Islam has categorized it into two: (i) permissible in Islam id est. Halal and (ii) not permissible in Islam id est. Haram. As regards the first category (id est. Halal business) Islam encourages and inspires human being to engage themselves in this type of business activities and has discouraged and disdained the latter (id est. Haram business) kind of business (Rahman, 1998, P.201). Halal business is based on trading faithfully in Halal commodities and Haram business is based on Haram commodities or trading in Halal commodities unfaithfully for deceiving the customers. Honest and responsible businessmen will be the companion of the Prophets, the Truthful and the Martyrs on the day of Resurrection (Hadith: Tirmizi, Darimi, Ibn Maza). Another Hadith says, on the day of Resurrection, businessmen will be raised with the sinners, but those who have performed business with piety, righteousness and honesty, their affairs will be different (Hadith: Tirmizi, Ibn Maza, Byhaki). Therefore, in Islam, business is a moral and ethical – rather than an economic – act.


04. Consequence of Greed: The fate of a wrong doer and a lesson therefrom

Mankind must shun greed. Allāh says, “Now Korah was of Moses’ folk, but he oppressed them; and I gave him so much treasure that the stores thereof would verily have been a burden for a troop of mighty men. When his own folk said unto him: Exult not; verily! Allāh loveth not the exultant; but seek the abode of the Hereafter in that which Allāh hath given thee and neglect not thy portion of the world, and be though kind even as Allāh hath been kind to thee, and seek not corruption in the earth. Allāh loveth not corrupters. He said: I have been given it only on account of knowledge I possess. Knew he not that Allāh had destroyed already of the generations before him men who were mightier than him in strength and greater in respect of following? The Guilty are not questioned of their sins. Then Korah went forth before his people in pomp. Those who were desirous of the life of the world said: Ah, would that unto us had been given the like of what hath been given unto Korah! Verily! he is lord of rare good fortune. But those who had been given knowledge said: Woe unto you! The reward of Allāh for him who believeth and doeth right is better, and only the steadfast will obtain it. So I caused the earth to swallow Korah and his dwelling-place. Then he had no host to help him against Allāh, nor was he of those who can save themselves….Ah, welladay! The disbelievers never prosper.”28/76-82 “O ye who believe! Many of the (Jewish) rabbis and the (Christian) monks devour the wealth of mankind wantonly and debar (men) from the way of Allāh. They who hoard up gold and silver and spend it not in the way of Allāh, unto them give tidings (O Muhammad) of a painful doom, on the day when it will (all) be heated in the fire of hell, and their foreheads and their flanks and their backs will be branded therewith (and it will be said unto them): Here is that which ye hoarded for yourselves. Now test of what ye used to hoard.”9/34-35 “That which Allāh giveth as spoil unto His messenger from the people of the townships, it is for Allāh and His messenger4 and for the near of kin and orphans and the needy and the wayfarer, that it become not a commodity between the rich among you. And whatsoever the messenger giveth you, take it. And whatsoever he forbiddeth, abstain (from it) and ye fear Allāh; verily Allāh is stern in reprisal.”59/7 “Allāh loveth not the impious and guilty.”2/276

Here in these above mentioned verses of Al Qur’ân, Allāh discourages killing, usury, greed, jealousy, oppression, deprivation, pomp, pride, niggardliness and the like – the causes of failure in the earth and the Hereafter. In that spirit Hazrat Muhammad (s) asserts on the life of both the worlds when he says “Fight in the earth such that you are to live here for eternity, and practice for the hereafter such that you are to die tomorrow” (Haikal, 2001. P.304)


By understanding and realizing the significance of what has been revealed in Al Qur’ân and by obeying the permissions and prohibitions in it and overall by practicing them id est. through Āmole Sāleh (Honest Work), in the personal, social, economic and politico-cultural life, we can make our life successful here in this world and in the Hereafter. Following the teachings of Al Qur’ân and Sunnah one can get rid of the greed for accumulation and hoarding of wealth and commodities for the betterment of the entire human community.

05. Way to rescue

“Secularism, which has tacitly been the dominant philosophy in most Muslim countries, regardless of whether their leaning is towards socialism or capitalism, has neither the filter mechanism necessary to serve social goals, nor the charisma to inspire people and motivate them to make the necessary sacrifice. Islam, however, has a great potential for creating the desired qualities in people and for making them identify the social interest with the personal interest. It not only demands these characteristics in its followers, it also commands the necessary charisma to inspire and change them. However, since the Muslim masses have lost touch with the inner core of their faith due to many generations of decay and foreign domination, the implementation of a reform programme based on Islamic values is indispensable. It would help accelerate development substantially in Muslim countries by improving the quality and preferences of the human factor” (Chapra, 1992, P.257). Probably this is the only way to rescue the world economy from the evil of market fundamentalism that corrodes human soul and causes suffering to humanity in general.

06. Consequence of Capitalistic Market Globalization

“Globalization, as an ideology, declared itself as a market force for Capitalism and risk. It was spoken for by tenured professors of Economics, and management, whilst being led by technocrats – private sector bureaucrats, working in joint-stock companies rarely owned by active shareholders – working to reduce competition.

“Milton Friedman’s free market assumptions were transposed into a global movement/economics as a tool to weaken government, discourage taxes, force de-regulation and entrench private monopolies” (Saul, 2005, P.33). The results are bitter.

We can readily infer that the causes of the suffering of human being in the present day global market economy is the un-Islamic capitalistic mismanagement, pilferage, lootings, deprivations and other shameless activities that are rampant with unbridled capitalism in the world. The


suffering of the majority of the people in the global economy is also concealed in the events of lootings and irresponsible rash acts by the self-seekers of almost all levels, who are entrusted with the responsibilities of running the affairs of the global economy and different countries of the world. Nobody can even touch the tip of the hair of the traders and the businessmen who year after year mercilessly suck the flesh and blood, bone and core of the common consumers around the world (Panthajan, 2008, P.8). While Al Qur’ân dictates “As for the thieves, both male and female, cut off their hands. It is the reward of their own deeds, an exemplary punishment from Allāh. Allāh is Mighty, Wise.”5/38 Falsehood in course of trade is a vice. As for the liars one may remember that Hazrat Mohammad (s) used to hate lie and he was prepared to accept a cowardly and niggardly as Muslim but he was unwilling to accept a liar as Muslim. He used to throw a liar in the group of those who breached promise and accused a liar as mischievous as one who breached truth and was unnecessarily litigious, a Munafique (Levy, 1995. P.168). Ethical and moral basis of Islam and the principle of Islamic trade and commerce had been wantonly violated at all levels of the world economy. This may be an honest explanation behind why there are so many suffering poor around the globe under the present global market based economy, though the western and western trained economists of the world are mercilessly after the effort to invent numerous fictitious and superfluous domestic and global economic causes behind the suffering of mankind in general instead of pointing to the capitalistic market fundamentalism.

In addition, in our effort to framing any type of national environment policy, the following questions must have to be decided: What is the type of society we want to live in 20 years from now? What should be the status of our natural resources? What should be the role of non-conventional resources? Should agriculture go the way of using genetically modified organism (GMO) seeds? By not articulating such a vision the policy remains rootless. What needs also to be articulated is that overcoming market failures and valuing environmental resources properly the policy should guarantee that natural resources will be used prudently given the logic of capital accumulation. For that to happen it would require recognizing the incommensurable value of natural resources and the dangers of a paradigm that privileges economic growth.

A consultative process would have gone some way in addressing these concerns. This, of course, begs the question as to whether consultations themselves are any guarantee for a more comprehensive and inclusive policy, given the wide compulsions that beset the political disposition in its drive to be part of the globalization juggernaut (Menon, 2005, P. 84).


In the struggle between the state and markets, it is not, yet, a foregone conclusion that markets have gained the upper hand. Indeed it appears that the public domain – the non-tradeable social-goods-sector that exists in every society – is making a “come back”(Kouzmin, 2009, P. 34). And attempt should have to be taken by the state to include in its decisions the tradeable-commodity-sector also for welfare oriented economic growth and development. Allāh says, “In truth thy Lord destroyed not the townships tyrannously while their folk were doing right.”11/117

07. Allāh provides Provisions for all

Al Qur’ân declares, “The responsibility of livelihood for all that are wandering on the surface of the earth lies with Allāh. He is aware of their permanent and temporary habitations and their repository. All is in a clear record.”11/6 That is, Allāh is not indifferent about His creation, “verily! Allāh hath been a keen watcher over you”4/1; He has made provisions not only for the best of creations human beings the Āshrāful Mākhlukāt5alone; but also for other ignoble creatures such as beasts, birds, fishes etc.

Those who are in the way of Allāh, and establish in their life and in all the ranges of their society the customs framed by Allāh, He has assured and promised them abundance and comfort. Praised be Allāh. It is wiser to depend on the benevolence of Allāh instead of making ignoble effort in the form of greed for amassing mundane wealth and treasure and unholy effort for making wealth for the economic security of life in the world at the expense of welfare and reward from Allāh in the Hereafter.

IV. ConclusionThe principle characteristic of the Islamic price policy is to ensure the entrance into the market process of the needy and those buyers and sellers who are socially deprived. The essence of that, which is necessary, is the voluntary cooperation of the concerned parties so that joint effort may be established to give necessary push to that direction, on the basis of mutual help and sacrifice (Hamid, 2002, P. 76) instead of giving in to the Market Fundamentalism. As Allāh says, “exhort one another to truth and exhort one another to endurance.”103/1-3

We have to consider that many LDC economies are so different in structure and organization from their Western counterparts that the behavioural assumptions and policy precepts of traditional neoclassical theory are sometimes questionable and often incorrect. Competitive markets simply do not exist, nor, given the institutional, cultural, and historical context of many


LDCs, would they necessarily be desirable from a long-term economic and social perspective. Consumers as a whole are rarely sovereign about anything, let alone about what goods and services are to be produced, in what quantities, and for whom. As has been mentioned above, in Islam, purchasing is always a moral – and not simply an economic – act. In LDCs information is limited, markets are fragmented, and much of the economy is nonmonetized. There are widespread externalities of both production and consumption as well as discontinuities in production and indivisibilities (i.e., economies of scale) in technology. Producers, private or public, have great power in determining market prices and quantities sold. The ideal of competition is typically just that – an ideal with little substance in reality. Although monopolies of resource purchase and product sale are a pervasive developing world phenomenon, the traditional neoclassical theory of monopoly also offers little insight into the day-to-day activities of public and private corporations. Decision rules can vary widely with the social setting, so that profit maximization may be a low-priority objective especially in state-owned enterprises, in comparison with, say, the creation of jobs or the replacement of foreign managers with local personnel. Finally, the invisible hand often acts not to promote the general welfare but rather to lift up those who are already well-off while pushing down the vast majority (Todaro and Smith, 2008, P. 131). This is our experience in Bangladesh like many other LDCs around the globe; even in the developed economies, widespread disparities are observed among their people where market fundamentalism is practiced. In the global economy market fundamentalism is a dangerous concept which siphon out wealth and resources from the developing to the developed economies resulting in the rich economies to become richer and the poor poorer.

In consequence, the “views about the nature of the East Asian strategy have evolved over time, but I believe the current consensus is that, while the pioneers were less disrespectful of the market than the structuralists have been, they rejected the obeisance to market fundamentalism that the neoclassical strategy advocates. In trade, they strongly opted for integration with the global economy by setting up an incentive structure that systematically promotes exports over import substitution, but they rejected free trade. Worthwhile infants were promoted but promotion of infant exporters received priority over the promotion of infant import substitutes, the justification being that for a new entrant in the world market all new exports are infants facing competition from the established players. Promotion of infants did not degenerate into support for “perpetual infants” because the policy was time bound. Within these broad principles there was plenty of protection, including quantitative trade restrictions, control of capital flows and even hostility to foreign direct


investment” (Khan, 2010, P. 13). This means intervention is there in the market by the state. Such interventions by the state are necessary if those serve public welfare. Islam approves state intervention in the economic affairs of the country instead of giving in to the neoclassical strategy of market fundamentalism – Allāh the Almighty, the One, the owner of the entire universe and the world Hereafter, says in Sura Al-Hashr that, “Whatsoever the messenger (state) giveth you, take it. And whatsoever he (state) forbiddeth, abstain (from it)59/7 – for the welfare of the people at large both here and the Hereafter.

As regards transactions in the global economy we are to remember what Allāh says, “Woe unto the defrauders; those who when they take measure from mankind demand it full, but if they measure unto them or weigh for them, they cause them loss. Do such (men) not consider that they will be raised again unto an awful Day?”83/1-5 This means economic dealings among states of the world must be on the basis of equity but not on the basis of the immoral dictates of the materialistic market mechanism – id est. Market Fundamentalism.

To sum up, it is clear that the capitalists follow the market mechanism with a religious zeal as the communists followed marxism, although “the dignity of man and the fullness of his life belong not only to the kingdom of Caesar but also to the Kingdom of God. Man remains robbed; he remains a material being, a lump of matter; but a lump of matter, whether in Marxism or in the Market, cannot possess human dignity” (Thelakat, Last paragraph, undated). Actually, the dignity of man and his fullness of life is safe and better and guaranteed in the Mulk (Kingdom) of Allāh.

NOTES AND REFERENCES

[Translated Qur’ânic verses are from ‘The Meaning of the Glorious Koran’ by Mohammad Marmaduke Pickthal, published by the New American Library, New York and Toronto, 12th Printing, modified by the author of this article, wherever necessary, following Al Qur’ânul Karim, the Bengali version of Al Qur’ân including the original text, published by the Islamic Foundation Bangladesh, Dhaka 1999. The Qur’ânic verse numbers are those of the original text. Other translations, wherever made from Bengali, are the act of the author of this article.]


Notes01. At first this term appears in the book in connection with a criticism of the

belief of the International Monetary Fund’s decision makers in the positive impact of privatization, irrespective of creating conditions for effective work of future private enterprises. Quoted by German edition: Joseph Stiglitz, 2002. Die Schatten der Globalisierung. Siedler Verlag, Berlin. 2002. 304s.,c.75. (original issue Globalization and its Discontents. 2002.W.W.Norton &Co., New York, 2002.). Further on, Stiglitz says that Russia faced a change of religion with Marxism replaced by the new religion of free market (P.220). “At the same time, it is widely agreed that the state makes an important contribution to the formation of productive and humane society and economy” (P.251). Vide. Epstein, 2007, P.2.

02. Stiglitz says it is impossible to introduce capitalism in both fast and successful way at the same time, without building a fundamental institutional infrastructure. Giving an example, he says that before creating stock exchanges, it is necessary to establish a corresponding framework of general economic conditions, including a system of genuine, not would-be, banks that would need, in their turn, a separate legal framework. Another example of this is the Russian agricultural producers that, in the market conditions, should have an opportunity to purchase resources and sell their products without difficulties (and losses – D.E), as well as a system of social institutions. Joseph Stiglitz, 2002, P.167. Vide. Epstein, 2007, P.3

03. The quoted remarks of the Pope are from The Dialectics of Secularization: On reason and Religion by Jürgen Habermas and Joseph Ratzinger (Pope Benedict XVI), “the book is based on a debate by the two on ‘pre-political moral foundations of the liberal state’ on 19th January, 2004, in Catholic Academy of Bavaria, Germany.” Vide. (Thelakat, undated without page number, section no.1).

04. i.e. for the State. Vide. Footnote in ‘The Meaning of the Glorious Koran’ by Mohammad Marmaduke Pickthal. Published by the New American Library, New York and Toronto. 12th Printing, P.393.

05. Allah has not directly used this term in Al Qur’ân for human being, though the term is widely used to honor humankind above other creation of Allah; probably this term has originated from the Al Qur’ânic verse “Verily! I have honored the children of Adam. I carry them on the land and the sea, and have made provision of good things for them, and have preferred them above many of those whom I created with a marked referment”17/70, also the verse “He hath favored you above (all) creatures.7/140 and other similar Al Qur’ânic verses such as “Surely I created man of the best stature.”95/4etc. Likewise, it should also be remembered that Allah says otherwise also, “For those who believe not in the Hereafter are an evil similitude, and Allah’s is the Sublime Similitude.”16/60 Moreover, Allah says “And had I willed I could have raised


him by their means, but he clung to the earth and followed his own lust. Therefore his likeness is as the likeness of a dog; if thou attackest him he panteth with his tongue out, and if thou leavest him he panteth with his tongue out. Such is the likeness of the people who deny My revealations.”7/176

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